Actuarial Science means risk assessment with the help of statistical and mathematical methods. Mathematics of probability is one of its interrelating disciplines. This involves nothing but the understanding and evaluation of financial results of a risk. Earlier an actuary was associated solely with the insurance industry and at length was engaged with pension funds. However with the growing need for analyzing, estimating and studying potential risks at every level of business transactions in possibly every industry, the scope for an individual has become diverse. Even Knowledge Process Outsourcing, Business Process Outsourcing companies seek their help. The page is aimed at providing you with salaries meant for professionals the field of in Actuarial Science.
Actuary Salary in India
Actuary Science is a globally acknowledged discipline, where professionals can earn big depending on their experience and academic credentials. Trainees in Actuarial Science are paid something around INR 25,000 per month while those with required qualifications and experience can demand something around 8 lacks per year (junior level) to 40 lakhs per annum (senior levels) at insurance companies.
Now we will provide you information on Actuarial Analyst salaries. They are professionals who are actively involved with the pricing of products and services in a company. With the help of comprehensive data they measure chances of risks or losses that a company may have to incur for their pricing activities. On an average they can earn around INR 290,088- INR 927,378 per year as per payscale.com
Actuarial Science Salary: Based on Experience
With the growing experience in the field analysts start enjoying a keener understanding of their trade and corresponding growth in their average salary ranges as well.
|Experience||Annual Average Salaries|
|Lesser than a year||INR 257 605 – INR 630 227|
|1-4 years||INR 243 282 – INR 887 693|
Actuarial Science Salaries based on cities
The city based calculations of salaries reflect nothing but the different costs of living.
|City||Annual Average Salaries|
|New Delhi Delhi||INR 340 000 – INR 674 074|
|Mumbai Maharashtra||INR 245 109 – INR 2 749 113|
|Bangalore Karnataka||INR 393 054 – INR 915 628|
Salary of Actuarial Science based on gender
The gender based salaries of Actuarial Analysts stand something like this:
|Gender||Annual Average Salaries|
|Male||INR 301 337 – INR 1 158 933|
Know the Averag Salaries of Scientist in CSIR
Actuarial Science Salary: Based on Industry
The actuary analysts are involved with different industries ranging from insurance to risk management and from BPOs to KPOs. Here is how some of the industries pay:
|Industry||Annual Average Salaries|
|Health Insurance||INR 205 600 – INR 550 000|
|Risk Management||INR 270 000 – INR 684 000|
It would be good if you have Insurance as a subject in your graduation or else if you pursue a diploma course in Insurance. Please check out if you are entitled to better salaries than other actuaries if you have passed out from the Actuarial Society of India
*Salaries are subject to change with time.